Visualizing the Homeownership Rate in the U.S.

The Fed has announced its third interest rate cut of 2024, lowering the benchmark rate by 0.25 percentage points to 4.25%. As interest rates shift and influence mortgage rates, the path to homeownership can change for prospective buyers.

In 2023, nearly 2 in 3 households owned their home, while the rest rented. These rates don't just shift over time — they also vary across states and urban, suburban, and rural communities.

How do you think today’s Fed decision will impact housing in your area?